TNT announces new 500 mln Eur share buyback
TNT NV will launch a new 500 mln Eur share buyback, the company said in a statement while presenting its second-quarter earnings.
TNT said any savings resulting from its current refinancing plan will be used toward funding the company pension plan and the share buyback.
It expects this latest buyback to be completed in the middle of next year, at which point TNT said it will consider further repurchases to maintain optimal capital structure and strategic flexibility.
The company’s current 400 mln Eur buyback, which began in April, is still in progress, and TNT said 234 mln Eur worth of shares have been repurchased to date.
